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June 27, 2011

    I n   t h i s   i s s u e . . .
  • July 4 Holiday
  • Self-Defense Class - June 29
  • CreditSmartTM Training Returns July 8
  • Education Day - July 20
  • GRI 200 Series - Begins August 3
  • MAR Conference - Early Bird Rate Extended
    Homeownership Matters
  • Housing Fair Thank You!
  • Fannie Mae and Freddie Mac Offers
        3.5% Buyer Incentives Plus $1200 Agent Bonus
  • FHLB Lenders Offer Homebuyer Savings
  • Amazing Homebuyer Incentives
  • My HOME Inspection Update
    The Industry Insider
  • Call for Action - FHA and GSE Loan Limits
        Will Expire Sept. 30
  • FHA Loan Limits and National Flood
        Insurance Program
  • 2012 Leadership - Nominations Due Next Friday
  • Market Sen$e: County Home Sales Beating
        National Trends
  • Sales Coach: Hear it from the Sellers
  • Gain Low Rates + $50 with an Auto Loan
  • MAR Leadership Academy
  • DC and MD CEU
  • Code of Ethics: Case #8-2
  • PLEASE READ - If You Practice Real Estate
        in DC

    July 4th Holiday

    The PGCAR office will be closed next Monday, July 4th in celebration of Independence Day.
    Please plan ahead for SentriLock and other REALTOR® supply needs. Enjoy a safe and happy holiday!


    Self-Defense Class Offered - This Wednesday, June 29

    PGCAR has enlisted a self defense instructor for a special self defense class this Wednesday evening. These are techniques that ALL of us should know -- no special strength, height or speed skills required. REALTOR® safety tips will also be available at this class. As of now, 5 class openings remain.

    Register at >


    CreditSmartTM Training Returns July 8

    Learn how to educate consumers about getting and maintaining good credit, credit scoring and money management towards achieving their financial goals. This is also 1 of the 2 required days of training for the Workforce Housing Certification (WHC).

    Next Friday, July 8
    9 am to 4 pm, at the PGCAR office
    Only $25
    Register at >

    Wednesday, July 20th
    at La Fontaine Bleu
    Earn 6 CE hours for MD and DC Continuing Education

    Terrific Courses & Instructors
    to Select From,
    Breakfast, Lunch &
    Our Famous
    Ice Cream Social

    All for Only
    $75 for Members;
    $100 Non-Members

    • MD Legislative Update
      3.0 CEU - MD required (Category A) & DC elective hours
      Instructor: Don Martin
    • Contracts
      3.0 CEU - MD & DC elective hours
      Instructor: Larry Hudson
    • DC Fair Housing/Predatory Lending
      3.0 CEU - DC required hours
      Instructor: Prabhhit Singh
    • Current Mortgage Guidelines Made Easy
      3.0 CEU - MD & DC elective hours
      Instructor: Michael Chelst
    • MREC Agency-Residential
      3.0 CEU - MD required (Category H) hours
      Instructor: Don Martin
    • DC Legislative Update
      3.0 CEU - DC required hours
      Instructor: Prabhjit Singh
    • MD Code of Ethics
      3.0 CEU - MD required (Category D) & DC elective hours
      Instructor: Larry Hudson
    • Short Sales and Foreclosures
      3.0 CEU - MD elective hours
      Instructor: TBD


    Click here for a printable flyer.


    GRI 200 SERIES - Begins August 3

    Experience proves that REALTORS® earn more referrals and income after obtaining their GRI. It makes sense! You will learn so much more about helping homebuyers, home sellers and investors - and about managing your career - through the GRI 200 Series alone. Earn your GRI by taking the GRI 100, 200 and 300 Series, in any order.

    Register for the entire GRI 200 Series, or individual classes, at

    The GRI 300 Series is also offered this year at PGCAR!


    MAR Annual Conference & Tradeshow - Early Bird Rate Extended to July 15

    $195 for full 3-day conference.
    Rookies save additional $50.
    Register by Friday, July 15.

    September 12th - 14th
    in Ocean City, Maryland
    • Up to 15 hours of premier Continuing Education (CE)
    • Monday Keynote & light lunch with Steve Harney, Keeping Current Matters
    • FREE Conference Gift - ABS flashlight with auto tool kit
    • Exhibit Hall - with Monday grand opening, Tuesday happy hour, Wednesday brunch
    • YPN event ($10), more "Learning Labs", more grand prize winners!
    • Free bus transportation within Ocean City with your attendee badge

    More value–National Speakers–Networking–Exciting Tradeshow

    Conference Homepage      Hotel Information      Schedule (PDF)

      Thank you to everyone who organized or participated in the June 11 Prince George's County Annual Housing Fair. We had a great turnout, and helped educate many in our community about the value of homeownership in Prince George's County!
    PGCAR REALTORS® do make a difference!

    1. New! Fannie Mae 3.5% Incentive for June 14 through October 31 - homebuyers purchasing a property as their primary residence can receive up to 3.5% in closing cost assistance. The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. A $1,200 selling agent bonus is also available! Complete details >

    2. New! Freddie Mac 3.5% Incentive for May 16 through September 30 - Freddie Mac is also offering 3.5% toward closing and a $1,200 selling agent bonus on primary residence home purchases. The initial offer must be submitted by July 31, 2011 with escrow closed by September 30, 2011. Complete details >

    3. New! Federal Home Loan Bank of Atlanta (FHLB Atlanta) - 2 new programs - The first offers up to $15,000 towards a foreclosure purchase. The second offers up to $7,500 to homebuyers (first-time or non first-time) earning up to 80% AMI and buying within NSP targeted areas in MD or DC.
      Consumer information page >   Details & webinars for REALTORS® >

    4. The Maryland Mortgage Program (MMP) offered through the state's Community Development Administration (CDA) has announced 2 loan products for distressed properties. All MMP products have low, fixed interest rates and some offer matching funds. These 2 new products will assist in revitalizing communities burdened with foreclosed and rundown properties.

      The Acquisition / Rehabilitation Mortgage Program helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations.

      The Homeward Bound Program offers eligible buyers of foreclosed or short sale property a lower rate mortgage.

      Learn how to successfully utilize the MMP for your customers at a FREE 3 CEU CDA workshop. The next training date is Wednesday, July 13 at 8:30 a.m.
      Program Details >   Training Details >

    5. My HOME Down Payment and Closing Cost Assistance - up to 5% of Home Sale Price Offered to County Homebuyers who have not owned a home within the last 3 years. Over $1 million in total funds available.
      Consumer information page >   Details (in Members Only, updated June 24) >

    6. American Dream Downpayment Assistance (ADDI) - up to $10,000 to County Homebuyers who have not owned a home within the last 3 years. Details >

    7. Expires this Thursday, June 30! Fannie Mae 3.5% Incentive: April 11 through June 30 - homebuyers purchasing a property as their primary residence, and who submitted their offer on or after April 11, 2011 can still receive up to 3.5% in closing cost assistance, if the sale closes on or before June 30, 2011. Complete details >

    Most of these programs can be used in combination. Information on these and other homebuyer savings are available at Sales agents can study up, and send links to their contacts from these public information pages. For more My HOME program details, members can login to Members Only.

    -   -   -   My HOME Inspection Update   -   -   -

    Effective immediately, all Housing Quality Standards (HQS) Inspection requests
    should be sent directly to the My HOME Inspector, Mark Gough.

    Contact information is on the revised form >

    All properties bought using My HOME funding must first pass a HQS Inspection performed by
    a DHCD qualified inspector. The HQS inspection is provided at NO COST to the homebuyer.


    Call for Action - FHA and GSE Loan Limits Will Expire Sept. 30

    You can make the difference for your Buyers!!

    call for action Current FHA and GSE loan limits are set to expire September 30, 2011. Unless Congress acts, these loan limits will drop from the current limit of $729,750 to $625,500 in Prince George's County. The impact to other counties across the United States will be much more severe. Being as the majority of banks operate across county (and state) lines, these lowered limits will have a wide-spread effect.

    What does all of this mean? On September 30, mortgage costs could rise so much that they impact the ability of your buyers to purchase their home to be. Your clients could find themselves in a position where lending is even more tight, and they no longer have access to affordable mortgage financing. Most homebuyers don't realize how much the decisions of Congress can change their opportunity to buy their dream home, but you do!

    Please contact Congress today and communicate clearly that a housing recovery depends on keeping mortgages affordable for well-qualified buyers. Congress needs to prevent these lower loan limits from taking effect.

    Let your voice be heard!
    Take action today >


    FHA Loan Limits and National Flood Insurance Program
    Due to expire September 30, 2011

    NAR is releasing a second Call for Action (CFA's) to REALTORS®, and to brokers in the Broker Involvement Program, this week. The first CFA is shown above, regarding FHA Loan Limits. The current FHA loan limits are set to expire September 30, 2011; however, the anticipated drop in the limits will likely start to affect lending by July 1.

    The second CFA is scheduled for this Tuesday, June 28 and will call for a long-term extension of the National Flood Insurance Program (NFIP). With both of these key provisions expiring on September 30, 2011, we must act now. NAR will also organize visits to Capitol Hill targeting members of the key committees for the week of July 11.

    We encourage you to engage at every level possible.

    • Learn about important issues and respond to Calls for Action, via or email. Calls for Action are emailed directly to all NAR members. PGCAR members also receive links to CFA's and more detailed information about issues in REALTOR® Connection.
    • All Members - Volunteer for the Legislative / Political Affairs Committee or RPAC Committee. New committees will soon be formed for the membership year starting
      October 1.
    • Brokers -- Enroll in the Broker Involvement Program >


    Click here and login to Members Only to apply online!

    Are you, or someone you know, interested in serving as a member of the 2012 Prince George's County Association of REALTORS® Board of Directors? The PGCAR membership will elect:

    • a President-Elect,
    • a Secretary, and
    • four (4) Directors to serve two-year terms.

    All terms begin on October 1, 2011. Any individual wishing to run for President-Elect or Secretary

    • must be a REALTOR® member in good standing of PGCAR,
    • must have held membership in PGCAR for a minimum of two years and
    • must have served two years as a Member of the Board of Directors during the last four years.

    Those running for a Director position

    • must be a REALTOR® member in good standing of PGCAR,
    • must have held Membership in PGCAR for a minimum of two years and
    • must have served on a PGCAR standing or special committee for two full years or two separate standing or special committees for one full year during the last four years.

    Service on the Board of Directors requires a commitment to attend Board of Directors meetings (12 per year) as well as participating in other PGCAR activities. Interested in having your name considered by the Credentials Committee for inclusion on the ballot? Please complete the Online Candidate Form (preferred so we have your candidate information in electronic format), or you can print and fax a candidate form.

    Forms must be received in the Association office
    by 5 p.m. next Friday, July 8.

    Printed forms may be submitted by fax at 301-306-8273 or by e-mail to


    Market Sen$e: 30-Year Rate at 4.5%, May Home Sales

    Average mortgage rates have increased slightly from two weeks ago. Freddie Mac reports the following averages for the week ending June 23, 2011:

    • The 30-year fixed-rate mortgage averaged 4.50 percent, steady from 4.50 percent a week ago.
    • The 15-year fixed-rate mortgage averaged 3.69 percent, up from 3.67 percent.
    • The 5-year Treasury-indexed hybrid ARM averaged 3.25 percent, down from 3.27 percent.
    • The 1-year Treasury-indexed ARM averaged 2.99 percent, up from 2.97 percent.

    Freddie Mac's Weekly Primary Mortgage Market Survey >>

    Settlements Increase During May in Prince George's County

    After 3 straight months of greater than expected monthly increases in Prince George's County home sales, we saw a decrease in single family sales from March to April. May settlements returned to a positive trend, with a 5.3% increase from April to May in single family settlements and a 2.6% increase in condo settlements.

    Condos continue their 2011 surge. Year-to-date settlements in the condo market are up 29.7% from 2010. Year-to-date contracts signed are up 25.9%. Visit for detailed statistics.

    Most economic forecasts warned of a large decrease for early 2011, in comparison to early 2010 when homebuyers were signing contracts before the April 2010 Homebuyer Tax Credit contract deadline. Also read:


    Sales Coach: Hear it from the Sellers - on Customer Service

    Are you giving customers the best possible customer service? The kind that exceeds client expectations and moves them to refer you to their friends and family? Learn from in-depth interviews conducted with home sellers this spring to discover - what you can do to exceed client expectations, and avoid client grumbles.

    Learn the 4 key actions for making sure that your clients rave about your customer service and refer you to others.


    Gain a Low Rate Auto Loan and Earn $50 - Original Loans & Refinances Apply!

    Auto loan rates have dropped to 3.75% at the REALTORS® Federal Credit Union. Apply between now and October 31, 2011 and the FCU will also give you $50 when your loan is funded. Original loans and refinances both apply!

    And. . . if you refer a non-member friend or family member, you will both receive $50.

    Read the details and use the Online Loan Calculator at REALTORSFCU.ORG to see how much you could save!
    Share the link and flyer.


    2011 - 2012 Leadership Academy - Due August 1

    The annual MAR Leadership Academy is a rare opportunity for training in organizational leadership and communications. Applications for the upcoming October 5, 2011 through April 17, 2012 session are due Monday, August 1, 2011. Applicants must be available for an interview on August 10 or 23.

    Hurry! Applications are due August 1st.
    Details and application >>
    Leadership Academy brochure >>


    MD and DC CEU at PGCAR

    All classes are held at PGCAR offices, just off the Route 202 / Landover Road exit of I-495. Find our NEW association office at 9200 Basil Court, Suite 400, Largo, MD 20774. There's plenty of parking.

    This Wednesday, June 29
    Self-Defense Class
    Jim Thrift 6:00 pm - 7:30 pm

    Next Friday, July 8
    Workforce Housing Certification:

    Required for Workforce Housing Certification
    - 9:00 am - 4:00 pm

    Wednesday, July 20
    Education Day / Expo
    various 8:00 am - 5:00 pm

    Starting Wednesday, August 3
    GRI 200 Series - Full Series of 5 Classes
    MD CEU - 27 hours total:
    6 hrs Legislative Update and 21 hrs Elective CE
    - 8:30 am - 4:00 pm

    Starting Wednesday, November 2
    GRI 300 Series - Full Series of 5 Classes
    MD CEU - 25.5 hours total:
    13.5 hrs Legislative Update and 12 hrs Elective CE
    - 8:30 am - 4:00 pm

    Full CEU Schedule >>


    Case #8-2:
    Request for Investigation Filed by Board
    with the State Real Estate Commission

    REALTOR® A listed Client B's residential property and sold it to Buyer C, who made a substantial deposit subject only to Buyer C's obtaining a mortgage on terms and conditions not exceeding a specified rate of interest within 60 days.

    REALTOR® A assisted Buyer C by introducing him to officials of a lending institution, and after processing of his application for a mortgage, a written mortgage commitment was made by the lending institution which met the terms and conditions of the sales agreement. However, shortly after the mortgage commitment was received by Buyer C, REALTOR® A received a certified, return receipt requested letter from Buyer C, advising that Buyer C had changed his mind and would not go through with the sale. REALTOR® A discussed the matter by phone, but Buyer C said he would rather forfeit his deposit and definitely would not complete the sale, even at the risk of the seller suing for specific performance.

    REALTOR® A then advised Client B of Buyer C's refusal to go through with the sale and Client B told ® A that he did not wish to sue Buyer C, but would just accept a portion of the forfeited deposit as specified in the listing agreement between Client B and REALTOR® A.

    REALTOR® A then obtained a written release from the sale from Client B and Buyer C, and promised to send Client B a check for the portion of the forfeited deposit due to Client B as specified in the listing agreement. However, REALTOR® A failed to send Client B a check and Client B filed a complaint with the Executive Officer of the Board alleging a violation of Article 8 of the Code of Ethics.

    At the hearing, Client B stated that he had no complaint about REALTOR® A's services to him except REALTOR® A's failure to provide Client B with the portion of the forfeited deposit due him, and that after several telephone calls and letters, REALTOR® A had told Client B that he would provide the forfeited monies due Client B "just as soon as he could." Client B said REALTOR® A told him he had some unexpected expenses and therefore Client B would have to wait until REALTOR® A obtained other funds which he expected to receive shortly.

    REALTOR® A admitted the facts as related and further admitted that he had not placed the deposit received from Buyer C into an escrow account, but had placed it in his general funds. He said that unexpected expenditures had caused a deficit balance in these funds, and he would pay Client B as soon as he could.

    Based on your understanding of the Code of Ethics Article 8, how do you think the Professional Standards Panel ruled?

    Find out here >>


    PLEASE READ - If You Practice Real Estate in DC

    As of February 28, 2011, some real estate companies, real estate brokers and/or property managers did not renew their licenses and are currently INACTIVE AND UNLICENSED to practice real estate in the District of Columbia.

    Check the status of your license to insure all was correctly submitted and accepted. It is illegal to practice real estate in DC, if you are not both actively licensed in DC and affiliated with a broker whom is actively licensed in DC. Read complete details, including how to check licensing status >

    Prince George's County Association of REALTORS®
    8300 Corporate Drive, Suite 100  :  Landover, MD 20785
    Phone 301-306-7900  :  Fax 301-306-8273  :  :  ©2011 PGCAR

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